Wall Street

Chipotle profits beat estimates on higher prices

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Reuters UK

By Deborah Mary Sophia and Hilary Russ (Reuters) -Chipotle Mexican Grill Inc on Tuesday beat Wall Street estimates for quarterly profits, as multiple rounds of price hikes helped the burrito chain cushion the blow from soaring costs. Shares of the California-based company jumped more than 8% in extended trading as it also said restaurant margins improved to 25.2% in the second quarter from 24.5% a year earlier. It expects same-store sales to rise in the mid- to high-single digits in the third quarter, while analysts on average predict a 7.1% gain, according to Refinitiv IBES. “Our pricing powe…

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